07:39 AM EDT, 07/02/2024 (MT Newswires) -- HSBC Holdings ( HSBC ) is curbing hiring and has asked investment bankers to reduce travel and entertainment expenses as outgoing Chief Executive Noel Quinn aims to cut costs, Bloomberg reported Tuesday, citing people familiar with the matter.

The bank is not replacing some staff who have left in recent months and has paused hiring in certain businesses, though client-facing roles are unaffected, sources told Bloomberg. Investment bankers are encouraged to have at least three client meetings per day during work travel, some of the people told Bloomberg.

HSBC ( HSBC ) did not immediately respond to MT Newswire's request for comment.

Shares of HSBC ( HSBC ) were down 0.2% in Tuesday's premarket activity.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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